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34 JOURNAL OF PROCEEDINGS [Jan. 6
of $14,164.90 brought down from the close of the fiscal
year ending September 30th, 1903, making a total of
$2,347,751.90.
The State has also had extraordinary expenses on
account of the Maryland Agricultural College, the
Frostburg Normal School, Troop "A" Armory, the
4th Regiment, the Emergency Hospital, Annapolis,
the Springfield Hospital, the Training School for the
Feeble Minded, the Johns Hopkins University and
other worthy objects.
And not withstanding a reduction of the State Tax
Rate of 3 cents on the $100, making a difference of
$166,000.00 in the State taxes and bond issues for the
new State building, the Annex to the State House, the
Penitentiary, the Insane Hospital, the Annex to the
House of Correction, the 5th Regiment Armory, the
new heating plant, and other substantial and neces-
sary improvements, the net debt of the State has been
reduced since January 1st, 1900, to the extent of
$271,338.72.
The net debt of the State amounting to $2,616,704.23
above the par value of the stocks, bonds and securities
held by the Treasurer, could be easily paid out of the
premium on the said assets, could they be sold for
their intrinsic cash value in the market, and the pro-
needs devoted to the payment of the State debt, so
that virtually the State is out of debt.
Encouraging as this showing is, however, it would
seem impossible to further reduce the State tax rate of
17 cents on the $100 without crippling and even destroy-
ing the public school system of the State, as 4 3/4 cents
of the State tax is alone devoted to the payment of
interest on the State bonds and to the creation of a
sinking fund to pay the said bonds at maturity and
when redeemable.
The enrire balance of the direct tax imposed by the
State, 12 1/4 cents on the $100, is devoted to the support
of the public schools and to the purchase of free text
books, while as every one knows all other expenses of
the Srate Government are paid from fees, licensee,
fines, investments and other sources of revenue.
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